They can be a good substitute form of payment if you'd rather not pay cash or use a credit card. Gift cards can be an appropriate gift for the holidays or any other special occasion. You can use gift cards to control spending (helpful for avoiding bank overdrafts). They can be easy and convenient to use.
There's a lot to like about gift cards and, in terms of gift-giving, the presentation of a gift card is much more pleasant than cash. Gift cards make paying for things way more convenient and saves you room in your wallet, sparing you from the pain of too many dollar bills jumbled up inside.
Freedom to buy whatever they want:
To avoid these problems, the best gift for a birthday is a birthday Gift Card. A Gift Card enables the person to buy whatever they like from the particular store. This freedom allows them to buy what they truly need, and it gives you the satisfaction of having gifted well.
Gift cards are a preferred motivator in both the consumer and business-to-business arena. They build on the strengths of non- cash incentives by offering rewards that are more memorable and can be redeemed for merchandise or travel that recipients wouldn't otherwise buy for themselves.
Gift Cards Are Your Safest Option
Unlike credit cards, debit cards, ATM cards, and even prepaid cards, gift cards offer an entirely anonymous payment method that separates your financial information from your purchases.
The Federal Anti-Kickback Law
The federal anti-kickback statute prohibits a provider from giving gift cards, cash, discounted services, or anything else of value in exchange for referrals if federal insurance programs, such as Medicare and Medicaid, are involved.
By giving a gift card, you are giving the gift of freedom to the recipients to buy whatever they want, whenever they want it. Gift cards are also ideal if you are buying for in-laws or families that you don't know that well. If you are purchasing gifts for a lot of people, you can budget a dollar amount for each card.
If there are some people who find gift cards “impersonal”, this does not mean that all people find them impersonal. It's a very personal thing. There are millions of people who love receiving a gift card so they can use it to buy anything they really want. Then there are some people who find them impersonal.
People prefer gift cards over presents
But this couldn't be further from the truth. A gift card is one of the most thoughtful and personal presents there is – it's saying to that someone that you appreciate them, and you want to gift them something.
For co-workers, casual friends and your children's teachers, stay in the $10 to $20 range. Gift cards for close friends and family members can range from $25 to $100.
Gift cards are a fantastic way to give back to any millennial in your life without needing to stress about the practicality of your gift. Gift cards are extremely useful and can be used to help make essential purchases, come with no strings attached, and are perfect for any situation.
For co-workers, casual friends and your children's teachers, stay in the $10 to $20 range. Gift cards for close friends and family members can range from $25 to $100. When you're selecting a gift card for a spouse, parent or someone else who's very special, choose a card worth $75 or more.
General etiquette is usually under $20 for casual acquaintances, like co-workers, $30-$75 for close friends and family members and more for someone like your spouse or for a big occasion, like a wedding. Always make sure that the dollar amount you give is visible on the card or write it down.
Gifting Cash
Giving cash is the easiest and most straightforward way to accomplish gifting money to family members. You can write a check, wire money, transfer between bank accounts, or even give actual cash.
As gift cards or vouchers are often put to something tangible or experiences, it can remind your employees of your business, what you did for them, and the hard work that got them a reward.
Federal Law Offers Protections
Bank gift cards, which carry the logo of a payment card network (e.g., Visa, MasterCard), are also subject to Credit CARD Act protections and can be used wherever the brand is accepted.
Gift cards are the #1 gift of the season once again, with 67% of respondents planning to purchase one in 2022.
What Types of Gift Card Fraud Exist? Common types of gift card fraud include refund fraud, card number theft, account takeover, and physical tampering. Stolen credit cards may also be used to purchase gift cards, as they're easier to convert to cash than most products.
Cash or Equivalents
The most obvious form of gift likely to be construed as a bribe is cash. However, organizations should also be aware that cash equivalents, like gift cards, cheques or shares, also qualify as gifts, and offers of these items can attract prosecution under the Act.
So What Happens To Unspent Gift Cards? The simple answer is that the issuing company or retailer gets to benefit from that. Once a gift card reaches its validity period and it's still unused or there is a leftover balance, the issuing company gets a certain amount back.
Paying with cash in Australia
In general, most establishments in Australia accept cards. However, carrying some cash is a good idea in case you stumble across a place that doesn't. Either exchange US dollars at a bank or make an ATM cash withdrawal.
Credit Cards Can Be a Safe Bet
Cash lost is gone forever. Credit cards have strong fraud protection. Credit card fraud has no immediate impact on your cash flow. Credit cards offer a full online transaction history.
30% of ecommerce transactions in the USA in 2021 were made with credit or charge cards. Credit card payments accounted for 28%, while cash payments for 20% of the transactions done in 2021 in the USA.